Abacus Global Management (NYSE:ABX) has reported higher first quarter revenue and earnings and raised its full-year adjusted net income guidance as growth in its longevity-focused investment business continued to drive results.
The Orlando-based financial services company posted first-quarter revenue of $59.4 million, up 35% from $44.1 million a year earlier, driven primarily by growth in its Life Solutions segment.
GAAP net income rose 59% year over year to $7.3 million, while adjusted net income increased 17% to $20.1 million.
Adjusted earnings per share came in at $0.21, compared with $0.18 in the prior-year period.
Adjusted EBITDA climbed 33.3% to $32.7 million.
Abacus said operating cash flow totaled $91.7 million during the quarter, compared with negative $61.6 million a year earlier, reflecting what the company described as increased cash generation as assets under management expanded.
Gross assets under management reached approximately $3.6 billion during the quarter, supported by $378 million in gross capital inflows.
The company said assets under management in its longevity income funds increased nearly fourfold year over year to about $1 billion.
Origination capital deployment rose 30% year over year to $163.6 million.
Abacus CEO Jay Jackson said the company’s longevity-based assets continue to attract institutional demand because they are “structurally uncorrelated to credit and equity cycles.”
“This quarter, the results reflect both the execution of our platform and the moment this asset class is having,” Jackson said.
“We increased our 2026 guidance, and our strategic initiatives including our investment in Manning & Napier and a second securitization are advancing on schedule. Quarter after quarter, we do what we say we will do.”
During the quarter, Abacus said that it returned all investor capital in its LMA Income II Fund at maturity, with about two-thirds of investors choosing to recommit or extend their investments, according to the company.
Abacus also highlighted its agreement announced in March to acquire an approximately $53 million minority equity stake in Manning & Napier, a wealth and asset management firm with roughly $18 billion in assets under management. The companies plan to enter a strategic alliance focused on product distribution, referrals, and joint product development. The transaction is expected to close in the second quarter, subject to customary conditions and regulatory approvals.
As of March 31, the company reported cash and cash equivalents of $37.2 million and total outstanding debt of $330 million, net of deferred issuance costs and discounts.
Abacus raised its full-year 2026 adjusted net income guidance to a range of $100 million to $106 million, representing expected year-over-year growth of 17% to 24%. The company also introduced full-year adjusted basic earnings per share guidance of $1 to $1.05.
For the second quarter, Abacus forecast adjusted net income of $24 million to $26 million and adjusted EPS of $0.24 to $0.26.